gh the presence of social factors is obvious, how to measure them is not obvious. General principles that bear on a specific case are hard to locate and difficult to apply. Even the broad lines of social and business policy are not always clear, and the probable trend of future policy is still less clear.

Just what are the principles that are being worked put in order to determine the forms and the limitations under which business energy shall be expended, and how do they differ from those followed a generation ago? Take the other side of the efficiency ratio: toward what results are we trying to have business energy directed? Again, what are the instruments with which society is enforcing its purpose? How effective are they, how effective are they likely to become? Finally, what bearing will this social effectiveness or lack of effectiveness have on standards of business efficiency for the generation about to begin its work?